{ read the comments below or add one }

  • DNN says:

    One thing I’m doing now is setting money aside soon for PPC advertising and some other small funds for shopping @ the thrift stores soon so I can get my side hustle millionaire buying and selling game up to par value.

  • Linda says:

    High Yield savings accounts are definitely the way to go considering regular banks are only paying 0.05%!

  • The Smart Money Online says:

    Some really good tips mentioned. Also, don’t forget to measure your progress! Sounds obvious, but I’m surprised at how few people actually track the progress of their money. We often do it when running a business, though seldom do people draw up their own personal balance sheet.

    All it takes is a simple spreadsheet with your assets in one column and liabilities in another, and then subtract one from the other to give you an idea of your net worth. . Track this monthly or quarterly using the same layout to see whether you’re tracking in the right direction in relation to your goal.

  • Blue Spyder says:

    Automated transfers are the best, as long as you don’t see it you don’t miss it. Navy Federal is good at helping me manage automatic transfers. As far as frugal living, nothing wrong with it at all…

  • Vincent says:

    I practice automated savings. Apart from that I’ve also created an emergency insurance fund that is solely to take care of any small claims, if they happen to crop up, so that I do not need to tap my insurance policy. Life insurance policies are another great way to plan for the future IMO.

  • CreditShout says:

    These are great, realistic ideas. It’s hard for people to forgo that morning coffee or breakfast sandwich. Keeping yourself from buying the latest laptop every year is a huge blow to your savings. I don’t know many people who have bankrupted their savings by buying the occasional latte…

  • Money Reasons says:

    I use the milestone techinque to pay off my mortgage, and I have at least half of my payment for bills and contributions to retirement accounts automated.

    Nice sound advice.

  • Neil says:


    I think the point about automation is absolutely essential. If the money is not moved to an investment account it will find a way of spending itself 🙂 I also like the idea of saving on big items and keeping the small treats. Life is for living after all.

  • heaps! says:

    I like how you pointed out that you should have some kid of incentive towards saving. If you’re saving pointlessly then you’re going to get bored of it and start to spend all your money. But if you have something to look forward to, then you are going to be much more motivated to save.

    And I no doubt agree with you with spending on smaller things that give you much joy. I love getting that fresh cup of tea (or coffee for others) the morning, it is what keeps me going during the day. Otherwise, what is the purpose of life if you can’t even enjoy a good cup of tea?

    And definitely give yourself some breathing room when you are budgeting in savings. Otherwise it will most likely be unachievable and you will end up giving up saving your money.

  • Money Smarts says:

    Automating savings was one of those things I was always hesitant to do, but once I did it, it really had a profound effect on how much we were able to save. I also think it’s important to set those goals because if you’re not shooting for something – you’ll never hit anything.

  • The Best Money Blog says:

    I think setting a goal and automating are the two best tips. By setting a goal you know exactly what you’re trying to do and by automating the process, you won’t even realize the money is gone.

    The most successful way to save in my opinion is to automate a certain amount, and then supplement that amount along the way.

    • Kate says:

      Our local RBC bank is advising people to save $25 a week and touting “You can be on Bondi Beach [Austraila] IN FIVE YEARS.” Well, no, you can’t. By the time 5 years are up, the prices will have tripled, air travel will be even more difficult and unpleasant (and remember, it’s a 14 hour flight if you take it in one hop) and your life will be vastly different from what it is now. What I have done all my life is scrape and pinch for a year and blow it all on a wonderful, well planned vacation to a place I have read and studied about for that year. Once I came home from England with 12 cents in my pocket, but I will always have the memory of standing in North Yorkshire waiting for a local bus and suddenly over the hill directly in front of me rose The Red Arrow (Britain’s military aerobatics team, akin to our Thunderbirds.) My tip for saving: have 3 piggy banks you can’t see into (coffee cans will do). Save a different coin in each; ALL the coins of that type have to go in those cans. You can spend the other coins you get. Once a month empty the cans and roll the coins and put the money in the bank. Here in Canada we have $2 and $1 coins; one of my banks is an emergency fund of $50 in $2 coins that stops me from taking money out of my bank account. Works for me.

  • MoneyNing says:

    The power of setting realistic goals are not to be underestimated. When you are encouraged by the results (in other words, when you always hit your goals), the increased motivation will allow you to achieve pass your wildest dreams.

  • Cd Phi says:

    I can’t believe how much more I save now that I automate my savings. Because it’s automated, you just kinda forget about it so it’s really nice but then at the end you have this huge(well decent) amount of money in the bank. I would seriously recommend everyone to automate their finances.

  • Everyday Tips says:

    I totally agree with your points. I am a strong believer of saving as much as you can, but living life too. I don’t want to suffer just so I can save a little more. Yes, retirement may come 6 months later than if we really scrimped and saved, but I would rather enjoy the journey.

    • MoneyNing says:

      This is something I’m starting to learn actually, though I admit that the reason why I’m “opening up” is because my income and nest egg have increased.

      This might sound backwards, but when you are 40 years away from retirement and need to save $1 million, it’s harder than spend than when you are 5 years away and need to save another $100,000. (At least for me anyway)

      • MoneyNing says:

        People who read this and are wondering about my spending should note that I’m still saving quite a bit though.

        So, don’t worry, I’m still very on track to a comfortable retirement now compared to a few years ago, if not “more” on track.

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